Building a Globally Recognized AgTech Ecosystem in Australia
“St. Louis, as an example of AgTech sub-sector specialization, provides useful insights for Australia in driving specialization in its start-up ecosystems, particularly in catalyzing the growth of AgTech.”
Executive Summary from the Building a Globally Recognized AgTech Ecosystem in Australia
AgTech — the wave of emerging technologies such as robotics, artificial intelligence, machine learning and biotechnology coming to food and agriculture — is increasingly creating opportunity for investors, entrepreneurs, farmers and consumers.
With the potential to both benefit Australia’s agricultural sector and create direct economic benefits through commercialization of new technology, a strong AgTech specialization would be of substantial benefit to Australia. A goal to lift AgTech’s share of venture capital (VC) in Australia from 1 per cent in 2018 to 20 per cent by 2030 would see AgTech take its place as a national priority and position Australia as a global leader.
Analyzing the relationship between American start-up ecosystems and venture capital investment, and in particular looking at the impact that specialization can have in building successful ecosystems, such as in St Louis, Missouri, offers insight as to how Australia can catalyze the development of the local sector.
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